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Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<ul class="summary-list"><li>Wall Street appears to be throwing its support behind nuclear energy, The Financial Times reported.</li><li>Some 14 banks, including Goldman Sachs, will pledge to help triple the world's nuclear energy supply.</li></ul>Big Tech is getting excited about nuclear power — and now Wall Street wants a piece of the action.14 of the world's largest financial institutions, including US giants <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-ceo-hiring-personality-traits-job-candidates-applications-2024-8">Goldman Sachs</a>, <a target="_blank" class="" href="https://www.businessinsider.com/morgan-stanley-prime-brokerage-novick-shaw-startup-hedge-fund-mistakes-2024-9">Morgan Stanley</a>, and Bank of America, are set to throw their support behind an effort to triple the world's nuclear energy capacity by 2050, The Financial Times reported on Monday.The banks, which also include Citi, Barclays and BNP Paribas have not said what steps they will take to help achieve this goal.However, their involvement could be crucial in helping meet the emissions target laid out in <a target="_blank" class="" href="https://www.businessinsider.com/cop28-climate-experts-unimpressed-by-worlds-attempt-to-prevent-catastrophe-2023-12">last year's COP28 climate conference</a> and revive the nuclear energy sector.More details are expected at an event due to be held in New York on Monday.Once considered the future of clean energy, nuclear power has declined in popularity in recent decades due to governments' reluctance to back expensive infrastructure projects, concerns about its environmental impact, and other factors such as competition from cheap natural gas in the US.Nuclear accounted for a quarter of Germany's electricity production until 2011, but a change in government policy meant all its plants were shut down by last year.Nuclear's share of global electricity production dropped to its lowest level since the 1980s last year, per the World Nuclear Industry Status Report.That might soon change, and it's not just Wall Street getting more interested in nuclear power. Big Tech is also <a target="_blank" class="" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">increasingly throwing its support behind the technology</a>, as companies seek to power AI systems and data centers while cutting back their carbon emissions.Microsoft struck a deal last week to <a target="_blank" class="" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">reopen </a>one reactor at the Three Mile Island nuclear plant, which remains best-known for a partial meltdown in 1979.The tech giant has agreed to buy energy generated by the plant for the next two decades, having invested heavily in AI through its partnership with ChatGPT-maker OpenAI.Oracle CEO Larry Ellison told investors earlier this month that the energy demand of advanced AI is so "crazy" that his company is building a data center powered by three small nuclear reactors."We've found the location and the power place, they've already got building permits for three nuclear reactors," he said on Oracle's first-quarter earnings call."These are the small modular nuclear reactors to power the data center. This is how crazy it's getting. This is what's going on."Rolls-Royce is one of the leading contenders with its <a target="_blank" rel=" nofollow" href="https://www.rolls-royce-smr.com/">small modular reactor</a> designs and has secured development funding of more than £200m from the British government.Meanwhile, TerraPower, a company cofounded by Bill Gates, is planning a new <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-terrapower-nuclear-power-plants-energy-tech-science-wyoming-2024-3">nuclear power plant in Wyoming</a>.Goldman Sachs, Morgan Stanley, Bank of America, Barclays, BNP Paribas, and Citi did not respond to requests for comment from Business Insider, sent outside normal working hours.

Wall Street warms to nuclear power as banks including Goldman Sachs reportedly back new push 

<ul class="summary-list"><li>China's stimulus isn't enough to stem slowing GDP growth, the World Bank said this week.</li><li>Neighboring countries will see their growth contract after years of positive spillover effects.</li></ul>China's stimulus measures aren't enough to stem the decline of its economic fortunes, and the troubles facing the world's second-largest economy will also be a drag on its neighbors, a new report from the World Bank finds.The report, released Tuesday, says that China's outsized growth has had positive spillover effects on nearby developing economies for years. Yet, as China's growth slows amid a struggling economy and <a target="_blank" href="https://www.businessinsider.com/china-stimulus-fix-economy-xi-jinping-stock-market-2024-10">tepid stimulus efforts</a>, those countries will also see growth contract.The bank forecasts China's economic growth will slow to 4.3% next year, down from a forecasted 4.8% for 2024. Growth in East Asia and the Pacific, meanwhile, will slow to 4.4% in 2025 from about 4.8% this year as a result."For three decades, China's growth has spilled over beneficially to its neighbors, but the size of that impetus is now diminishing," the group said.The authors point in particular to developing economies in East Asia, which benefited from increasing demand from China for imports even as it competed heavily as an exporter of goods. China's neighbors saw positive spillover effects from increased Chinese demand for commodities and services and from the relocation of Chinese production to those countries, the report says.The authors estimate that a 1% increase in China's GDP per-capita growth was associated with a 0.13% increase in GDP per-capita in emerging markets between 2020 and 2023.But now, with China's domestic demand stuck in low gear, its neighbors will feel the impact of China's export strength more drastically."If China's exports grow faster than its imports, as has continued to be the case in manufacturing and overall trade, then the negative impact of increased competition may outweigh the positive impact of demand enhancement in international markets," the report says.It says that a one percent slowdown in China's growth could reduce GDP growth in neighboring developing economies by as much as 0.21%.The report from the World Bank comes shortly after officials in Beijing announced a round of stimulus measures last month, vowing to rescue the economy from a <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3?utm_medium=ingest&amp;utm_source=markets">struggling property sector</a> and <a target="_blank" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*arxr6l*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODMwODIxNC4yMjkuMS4xNzI4MzA4MzIyLjQxLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">weak consumer demand</a>.The measures, which included lower interest rates and liquidity support, plus <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chinese-property-stocks-homebuying-restrictions-stimulus-shanghai-gdp-2024-9?_gl=1*1lm342a*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODMwODIxNC4yMjkuMC4xNzI4MzA4MjE0LjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">relaxed restrictions on homebuying</a>, fueled a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-economy-stimulus-liqudity-overwhelm-system-2024-9?_gl=1*1a7ytxc*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODM5NjQwNS4yMzguMS4xNzI4Mzk2NTM4LjU5LjAuMA..">stock market rally</a> in the country and abroad as investors cheered any indication of future growth after months of downbeat data. However, the World Bank warns that the measures are still undefined, which makes it tough to calculate their impact on China's growth.Aaditya Mattoo, the World Bank's East Asia and Pacific chief economist, said the stimulus measures' fiscal impact has yet to be determined."The question is whether [the stimulus] can actually offset consumer concerns about declining salaries, concerns about declining property incomes and fears about falling ill, growing old, becoming unemployed," Mattoo said in a Tuesday interview with CNBC.Mattoo added that China will need to implement deeper structural reforms to see any long-term growth, but that the rest of the region will still welcome the stimulus efforts since it's so dependent on the country for growth.In the meantime, the rest of the region will "need to strengthen domestic drivers of growth by implementing long-deferred deeper reforms" to see growth independent of China, the report says.China's officials previously said the country is targeting "around 5%" growth for this year. In recent months, economists have increasingly said that goal <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">is out of reach</a>.

China's growth will fizzle next year despite stimulus efforts, and its issues will drag down neighboring economies, World Bank says

Global <keyword id="19978688" type="General" weightage="100" keywordseo="gold-demand" source="keywords">gold demand</keyword> in Q2 2024, excluding over-the-counter (OTC) transactions declined by 6% year-on-year to 929 tonnes, primarily due to a sharp fall in jewelry consumption, according to the latest report of the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. However, when including <keyword id="22654356" type="General" weightage="20" keywordseo="OTC-investment" source="keywords">OTC investment</keyword>, total gold demand increased by 4% YoY to 1,258 tonnes, marking the highest Q2 figure since data collection began in 2000. The record-high <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> took a significant toll on jewelry consumption. Volumes fell 19% YoY to 391 tonnes, the lowest in four years. The report reveals a mixed picture for the Indian market in the second quarter of 2024. While overall gold demand showed a modest increase due to investment in OTC markets and central bank purchases, India witnessed trends that reflect broader market shifts. This decline reflects the impact of elevated gold prices on consumer purchasing behaviour, particularly in markets sensitive to price fluctuations, including India. <keyword id="19946830" type="General" weightage="20" keywordseo="central-banks" source="keywords">Central banks</keyword> continued to be significant players in the gold market, with net gold buying increasing by 6% YoY to 184 tonnes. This rise is attributed to the need for portfolio protection and diversification in a volatile economic environment. In June alone, central banks reported net purchases of 12 tonnes, with key contributors including the Central Bank of Uzbekistan and the Reserve Bank of India, both adding 9 tonnes to their reserves. The Monetary Authority of Singapore was noted as the largest seller, offloading 12 tonnes in the same month. The LBMA (PM) gold price averaged a record $ 2,338 per ounce in Q2 2024, up 18% YoY and 13% QoQ. Gold prices peaked at a new high of $2,427 per ounce in May. This environment drove significant investment and production trends, with total gold supply growing by 4% YoY to 1,258 tonnes. Mine production reached a record 929 tonnes for a second quarter, while recycling supply was the highest since 2012, reflecting the response to rising prices. OTC investment was a major component of the Q2 total gold demand, amounting to 329 tonnes. This, along with continued central bank buying, contributed to pushing gold prices to record highs during the quarter. Despite a minor 7-tonne decline in global gold <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> holdings in Q2, this was an improvement compared to the 21-tonne drop in Q2 2023. The decline in ETF holdings was followed by early outflows and nascent inflows later in the quarter. Retail bar and coin investment experienced a 5% decline to 261 tonnes, mainly due to weakened demand from Western markets. Conversely, gold used in technology saw an 11% YoY increase, driven by the continued growth in <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) applications. <keyword id="21088407" type="General" weightage="20" keywordseo="investment-trends" source="keywords">Investment trends</keyword> continued to diverge regionally. Eastern markets exhibited robust demand for bars, coins, and ETFs, while Western markets saw marked declines. However, Western ETF investment flows have shown signs of recovery in early Q3 2024. Looking ahead to the full year of 2024, it is expected that revived Western investment flows will help balance out weaker consumer demand, and potentially slower central bank buying, compared to 2023.

Global gold demand drops 6% in Q2 2024 due to slump in jewelry consumption, OTC investment pushes the total to record high

<div type="image" title="The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books." agency="ANI" msid="114778648" hostid="261" caption="&amp;lt;p&amp;gt;The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books.&amp;lt;/p&amp;gt;"></div> Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of <keyword id="113684" type="General" weightage="20" keywordseo="microfinance" source="Orion">microfinance</keyword> and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, IndusInd Bank set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e. an NPA, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, RBI, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and <keyword id="20117932" type="General" weightage="20" keywordseo="navi-finserv" source="keywords">Navi Finserv</keyword> from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending instalments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honour any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its gross NPA for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. IDFC Bank’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in <keyword id="6051027" type="General" weightage="20" keywordseo="Unsecured-loan" source="Orion">unsecured loan</keyword>s, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. <keyword id="6376194" type="General" weightage="20" keywordseo="kotak-mahindra" source="Orion">Kotak Mahindra</keyword> Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> headmaster who runs his dominion with an iron fist. However, that's a story for another day. Do you have a topic in mind you'd want a simpler explanation for, or insights or personal experience to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

<ul><li>A global <keyword id="1571551" type="General" weightage="100" keywordseo="Microsoft-outage" source="Orion">Microsoft outage</keyword> has impacted airlines, banks and other services.</li><li>The outage has resulted in disruption of flights from Indigo, SpiceJet and other airlines.</li><li>Here’s everything we know so far about the <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword> outage.</li></ul> In what is emerging as one of the biggest tech outages, Microsoft’s services across the world have been impacted by Blue Screen of Death (BSOD) errors. This has impacted the London Stock Exchange, halted banking services, and grounded several airlines such as Indigo, SpiceJet, and more. The global outage has affected various Microsoft services such as Azure, Microsoft 365 and more. Amazon Web Services has also recorded some reports of outages. “We're investigating an issue impacting users ability to access various Microsoft 365 apps and services,” Microsoft said in a statement. "Crowdstrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed,” said George Kurtz, CEO, Crowdstrike. <div type="twitter" handle="IndiGo6E" handlename="IndiGo6E" favoritecount="0" retweetcount="0" id="1814200437756641734"></div> <div type="twitter" handle="flyspicejet" handlename="flyspicejet" favoritecount="0" retweetcount="0" id="1814194223052144749"></div> Air India has issued an advisory on X, saying “Our digital systems have been impacted temporarily due to the current Microsoft outage resulting in delays. We regret the inconvenience caused and request our guests to plan their travel accordingly.” The London Stock Exchange on Friday said that its news services were experiencing a global technical issue which prevented news from being published on its platform. The stock exchange was also experiencing technical problems publishing its spot and forward prices for currencies. A traveller in Hyderabad, flying through Indio posted on X that he had received a hand-written boarding pass. <div type="twitter" handle="akothari" handlename="akothari" favoritecount="0" retweetcount="0" id="181420206853155266"></div> Delhi Airport, in a post on X, said that some of the services at the airport were impacted due to the outage. <div type="twitter" handle="DelhiAirport" handlename="DelhiAirport" favoritecount="0" retweetcount="0" id="1814203660186120407"></div> According to reports, a faulty update from CrowdStrike, a cybersecurity provider is forcing affected PCs and servers offline, resulting in a recovery boot loop. “We have widespread reports of BSODs on Windows hosts, occurring on multiple sensor versions,” CrowdStrike said in a support page. "We are aware of issue affecting a subset of customers. We acknowledge the impact this can have on customers, and we are working to restore services for those still experiencing disruptions as quickly as possible,” Mic UK broadcaster Sky News was unable to broadcast, forcing it off the air. American low-cost airline Frontier has cancelled some flights in the US due to the outage. Ryanair, a major European airline reported “third-party” IT issues, which were impacting its flight departures. Microsoft revealed that the outage started around 6 pm ET on Thursday, with some of its customers experiencing issues with Azure services in the Central US. Frontier on Thursday cancelled 147 flights and delayed 212 flights. Berlin airport has warned users of travel delays due to “technical issues.” It’s not just business, several 911 emergency call centres in Alaska have also reported an outage. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-suspends-withdrawals-after-230-million-worth-of-cryptos-stolen-in-a-hack/articleshow/111853401.cms">WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack</a> <a href="https://www.businessinsider.in/tech/mobile/news/honor-200-and-honor-200-pro-launched-in-india-starting-at-34999/articleshow/111830855.cms">Honor 200 and Honor 200 Pro launched in India starting at ₹34,999</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a>

Microsoft outage – London Stock Exchange, banks and airlines across the world affected

<ul class="summary-list"><li>A new <a target="_blank" href="https://ir.citi.com/gps/9j79xHIa-vfPi785TYiSciffO0j4I0D52fI9LrahsLZEo6MpT4aM7SpwSFagAL9CIukqn2fwiJ_GNvDsLy4b6XEjftdK1abu">Citi report</a> says finance will be "at the forefront" of changes due to artificial intelligence.</li><li>Banking jobs are most at risk of AI-driven displacement, the report says.</li></ul>AI has already been thought to have the potential to change jobs in every industry profoundly. But, according to a <a target="_blank" href="https://ir.citi.com/gps/9j79xHIa-vfPi785TYiSciffO0j4I0D52fI9LrahsLZEo6MpT4aM7SpwSFagAL9CIukqn2fwiJ_GNvDsLy4b6XEjftdK1abu">new report</a> from Citigroup researchers, "finance will be at the forefront of the changes." "What a bank or financial firm looks like in the mid-2020s, be it retail or wholesale finance, looks very different to the mid-1980s, or the mid-1940s," the report said. "AI will repeat this cycle, possibly speeding it up."While general-purpose technologies, or GPTs, create new opportunities for innovation and can improve quality of life, "they also destroy existing ways of doing things," the report added. "And as such, they also create losers, especially in the short term."With data pulled from Accenture Research and the World Economic Forum, Citi's researchers said that about 67% of banking jobs have "higher potential" to be automated or augmented by AI. That means "banking jobs" (which the report didn't narrowly define) have the highest potential for AI-led job displacement.However, according to Citi, a decline in head count may be partially or completely offset by an increase in AI-related compliance managers and ethics and governance staff.One upside Citi pointed out, however, is that they estimate the profit pool for the 2023 global banking sector "could increase 9% or $170 billion from the adoption of AI, rising from just over $1.7 trillion to close to $2 trillion."<div type="image" title="Citi chart on AI's impact on finance jobs" height="404" width="809" msid="111121475" hostid="261" sizebytes="47826"></div><h2 id="55206a59-8c97-4ea0-9092-6016a29b5a8f">AI adoption in finance will be slow</h2>The Citi researchers believe the "pace of implementing modern AI tools in financial services, in particular, GenAI, will be relatively slow when compared to other sectors," they said in the report, in part because of the "highly regulated nature of the sector and lack of 'ready to go globally aligned rules.'""A regulatory landscape is evolving in some jurisdictions, but it is a challenging road ahead for financial services firms when it comes to implementation because countries are moving to different speeds, taking different approaches towards regulation and in some cases changing their position on whether to regulate," it said. In an interview featured in the report, Shameek Kundu, the head of financial services and chief strategy officer at TruEra, weighed in on the same point."I would describe traditional AI adoption in financial services as: widespread, shallow, and inconsequential," said Kundu.Kundu explains that there are "a large number of enterprises experimenting with AI across different use cases," yet "limited scale of AI adoption across use cases" and a "limited perceived impact of AI system failures on critical business operations."He cited a 2022 Bank of England survey, which found that "72% of firms reported using or developing machine learning applications," yet the "median number of ML applications for mainstream UK financial institutions to be just 20-30" and "less than 20% of the already few AI use cases were critical to business."

More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says

<ul class="summary-list"><li>A mass IT outage is affecting flights, banks, and other organizations around the world.</li><li>A "defect" in an update for Windows caused the issue, the cybersecurity firm CrowdStrike said.</li></ul>Major airlines, banks, and supermarkets are experiencing widespread disruptions connected to a defective update issued by the cybersecurity firm CrowdStrike.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/american-vs-delta-airlines-domestic-basic-economy-review-2024-6">American Airlines</a> and United Airlines <a target="_blank" class="" href="https://www.businessinsider.com/united-american-warn-pilots-of-communication-issues-amid-grounding-2024-7">issued advisories to airborne flights</a> early Friday morning. The carriers said communication was intermittent because of issues with systems that send messages to planes, often from air-traffic control or airline operations.Some passengers were being issued handwritten boarding passes at airports because of the disruption. At London's Heathrow Airport, travelers were advised to check their gate numbers on Google as information screens were not working.<a target="_blank" class="" href="https://www.businessinsider.com/mass-it-outage-companies-operations-airlines-affected-microsoft-crowdstrike-2024-7">Broadcasters and 911 lines</a> are affected, as are grocery stores, <a target="_blank" class="" href="https://www.businessinsider.com/supermarkets-fast-food-chains-retailers-disrupted-global-it-outage-2024-7">retailers, and fast-food giants</a> whose in-store cash registers malfunctioned.As commuters woke up in New York City, they were told train-arrival information for <a target="_blank" class="" href="https://x.com/NYCTSubway/status/1814244403222868014">the subway</a> would not be available, though service was unaffected."The world grinding to a halt because of a global IT meltdown shows the dark side to technology and that relying on computers doesn't always make life easier," Dan Coatsworth, an investment analyst at AJ Bell, said.CrowdStrike CEO George Kurtz said on X the company was "actively working with customers impacted by a defect found in a single content update for Windows hosts," adding: "The issue has been identified, isolated and a fix has been deployed."In an interview with NBC's "Today," Kurtz apologized for the outage: "We're deeply sorry for the impact that we've caused to customers, to travelers, to anyone affected by this." He added that it "could be some time" for systems to recover.Microsoft acknowledged the issue in an <a target="_blank" class="" href="https://x.com/MSFT365Status/status/1814181228196835622">X update</a>: "Our services are still seeing continuous improvements while we continue to take mitigation actions."One cybersecurity expert told Business Insider <a target="_blank" class="" href="https://www.businessinsider.com/fix-windows-computer-blue-screen-death-what-to-try-2024-7">there was no automatic or remote solution to the problem</a>, meaning "every computer affected has to have some manual interaction."The UK government was due to hold an emergency meeting to discuss the outage later on Friday.<h2 id="e6d4cd41-26e9-4fd3-ba4c-bc0d7d7ef1e9">Disruption and delays</h2>Singapore's Changi Airport said it was manually checking in some passengers, and <a target="_blank" href="https://www.channelnewsasia.com/world/it-outage-microsoft-crowdstrike-airports-flights-businesses-4490741">local media reports</a> showed long lines at check-in counters.A spokesperson told BI: "Due to a global outage affecting IT systems of many organizations, the check-in process for some airlines at Changi Airport is being managed manually."<div type="image" title="Long lines of people waiting in Singapore's Changi Airport" height="3024" width="4032" msid="111860916" hostid="261"></div>At London's Luton Airport, Nick Xydias said he was stuck waiting for a Wizz Air flight to Larnaca, Cyprus."It's my birthday, and we'd booked a romantic trip with my wife. She'd got a new dress and everything," he told BI from a long line of frustrated passengers. "All the flights are grounded."His flight was later canceled.He also shared these photos:<div type="image" title="Long lines at Luton Airport, near London, on July 19, 2024, as airlines and other companies reeled from a mass IT outage." height="1536" width="2048" msid="111861943" hostid="261"></div><div type="image" title="Long lines at Luton Airport, near London, on July 19, 2024, as airlines and other companies reeled from a mass IT outage involving Microsoft and Crowdstrike." height="1536" width="2048" msid="111861946" hostid="261"></div>In Australia, Melbourne Airport <a target="_blank" class="" href="https://x.com/Melair/status/1814187188029894969">said</a> it was experiencing a "global technology" issue affecting check-in procedures for some airlines. <a target="_blank" href="https://www.sydneyairport.com.au/outage">Sydney Airport</a> also reported a global outage for airline operations and terminal services, though flights were still operating.Delhi Airport in India also said it was affected. A passenger at Rajiv Gandhi International Airport <a target="_blank" class="" href="https://x.com/akothari/status/1814202068531552666">wrote</a> on X that he had been issued a handwritten boarding pass.Edinburgh Airport in the UK and Berlin Airport in Germany also warned of delays.Ryanair, Europe's largest airline, said there was "disruption across the network due to a Global 3rd party IT outage which is out of our control" and advised passengers to head to airports early.<h2 id="75896c98-625e-4585-b790-e51f8979d345">CrowdStrike issues</h2>Many of the affected Windows devices displayed an error message — colloquially called the "<a target="_blank" class="" href="https://www.businessinsider.com/fix-windows-computer-blue-screen-death-what-to-try-2024-7">blue screen of death</a>" — that locked users out of their computers.CrowdStrike said a <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-global-it-outage-not-caused-by-cyberattack-2024-7">defective update</a> caused the issue.The outage is "one of the most significant of cyber issues of 2024," Omer Grossman of the cybersecurity company CyberArk said in a statement to BI. "The damage to business processes at the global level is dramatic."Correction: July 19, 2024 — An earlier version of this story gave the wrong destination airport for a passenger. Nick Xydias was trying to reach Larnaca, Cyprus, not Monaco.

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